A 鈥榖uy now pay later鈥� firm has secured 拢80m听debt funding to accelerate its UK expansion.听
Laybuy, which launched in听New Zealand in听2017,听has partnered with听more听than听4,500 retail merchants across that听country听and is also available in Australia.听
Its co-founder and CEO Gary Rohloff听told听老九品茶Cloud听last year that he wanted the firm听to be 鈥渁s big as Visa and Mastercard鈥�听as he听led an expansion into the UK market.听听
After听securing its first big-name client Footasylum,听it听has partnered with several听other听leading听brands in the UK including听The Hut Group, ALEXACHUNG and TONI&GUY.听
The听拢80尘听debt facility听is from听Victory Park Capital, a leading global alternative investment firm.听
Laybuy has also launched a bookbuild ahead of an imminent launch on the Australian Stock Exchange after delaying a planned IPO earlier this year due to the COVID-19 pandemic.听听
鈥�Laybuy听has grown exponentially since we launched three years ago and we would not be able to continue to scale without our investors鈥� support and confidence in our vision,鈥� said Rohloff.听听
鈥淚n addition to increasing our customer base in our established geographies and sectors, our expansion in the UK is a critical component of our growth strategy and VPC鈥檚 backing will enable us to strengthen our position in the market.鈥�听
Fast-growing听Laybuy听enables shoppers to pay for in-store and online purchases over six weekly payments, interest-free.听听
鈥淏uy now pay later services have seen incredible rates of adoption globally. With the accelerated adoption of digital commerce,听Laybuy听is well-positioned to capture future growth opportunities,鈥� said Jason Brown, partner at VPC.听听
鈥淲e look forward to partnering with the strong management team and seeing the platform become a regular part of the shopping experience.鈥�听
For the 12-month period ending June 30, 2020,听Laybuy听had more than 5,600 active merchants and over 470,000 active customers on its platform.听听